Updated 03 Nov, 2021

El Salvador Bought the Dip, Will Build Schools with Bitcoin Profits

A man with a suit on a podium on the left hand side with a stately building on the right and a Bitcoin popping up from behind it -El Salvador Bought the Dip, Will Build Schools with Bitcoin Profits

Key Takeaways:

  • President Nayib Bukele has bought many dips, now he’s looking to use some profits
  • He announced the creation of 20 new schools funded by profits from bitcoin’s recent rise

President Bukele Vows to Build 20 Schools with BTC Profits

The President of El Salvador continues to expand his grand Bitcoin vision. In his latest efforts to advance the broad adoption of the original token, he chooses to build schools. In order to do that, President Nayib Bukele has vowed to use the profits realized from El Salvador’s bitcoin purchases.

The news first appeared on a local media and were later confirmed by the Press Secretary of the Presidency’s Twitter account.

In more detail, the new Bitcoin-funded schools will be 20 in the beginning, joining another 400 schools. All of them are part of the Mi Nueva Escuela, or My New School Program.

The announcement was made by President Bukele when he attended the opening of a pet hospital. During the event, he praised the decision to make bitcoin legal tender. In addition, he credited the construction of the veterinary hospital to the country’s bitcoin investment.

The significant investment for the economically weak Central American country shows a whole nation could be improved by embracing cryptocurrencies. Furthermore, this step also highlights the Bitcoin experiment on a country-level so far is panning out handsomely.

El Salvador Now Holds a Stack of 1120 Bitcoin

Still, El Salvador’s President Nayib Bukele has been consistent in his approach to buy the dip. In other words, Mr. Bukele has seized almost every opportunity to splash out dollars in exchange for bitcoin during a price decline.

His latest buying spree happened on Oct. 27 when the price of bitcoin dropped by 5% and hovered near $58,000 apiece. “It was a long wait, but worth it. We just bought the dip,” Mr. Bukele said then. “420 new Bitcoin,” he added.

Presently, El Salvador holds a stack of 1120 Bitcoin worth $70 million with bitcoin’s price trading near $63,000.

It is possible that the government may decide to not sell any Bitcoin to build the schools. Instead, the sources say, Nayib Bukele could use dollars from the surplus of the Salvadoran Trust for the Adoption of Bitcoin.

In conclusion, the remarkable step was praised by crypto communities. Moreover, crypto backers are eager to see which country will take the leap and make bitcoin legal tender. Currently, El Salvador is the only country holding the original cryptocurrency in a state-owned Bitcoin wallet.

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